Hull Street Energy acquires hydro assets from Carlyle
A recently formed affiliate of Hull Street Energy, has completed the acquisition of 100% of the ownership interests in Nautilus Hydro, LLC ("Nautilus Hydro") from funds managed by affiliates of The Carlyle Group.
Nautilus Hydro, owns five hydroelectric generation facilities located in Massachusetts on the Chicopee and Deerfield Rivers. As a result of this transaction, Hull Street Energy has added approximately 18 MW of long-lived, renewable generation assets to its New England portfolio.
Carlyle acquired the Nautilus Hydro facilities in June 2016 with its acquisition of the Nautilus Power portfolio (formerly Essential Power) and its subsidiaries. Since Carlyle's acquisition, Cogentrix Energy Power Management, LLC, Carlyle's affiliated independent power producer, has overseen the plants' management, operations and maintenance. Cogentrix has agreed to support a transition to Hull Street Energy's asset management group over the next several months.
Hull Street Energy acquired Nautilus Hydro as part of its strategy to build and grow a significant presence in the rapidly evolving North American power sector. Collectively, Hull Street portfolio companies now own and operate approximately 465 MW of strategically positioned generation assets located in Massachusetts, Connecticut, Rhode Island, New Jersey and Montana. The fleet provides critical reliability and low-carbon energy services to the regional power grid.
Manatt, Phelps & Phillips, LLP acted as legal counsel to Hull Street Energy and Chadbourne & Parke LLP acted as legal counsel to Carlyle and Cogentrix on the transaction.
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